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PZU Group’s acquisition and administrative expenses

Annual Report 2018 > PZU Group’s acquisition and administrative expenses
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In 2018, acquisition expenses went up PLN 229 million compared to the corresponding period of the previous year. This increase was caused in particular by higher sales in the mass and corporate client segments in connection with the evolution of the sales channels mix.

The Group’s administrative expenses in 2018 were PLN 6,609 million compared to PLN 5,357 million in 2017, i.e. they went up 23.4% over the previous year. The increase resulted mainly from the consolidation of Pekao. Administrative expenses of the banking segment rose by PLN 1,246 million. At the same time, the administrative expenses of the insurance segments in Poland were PLN 5 million higher compared to the previous year. This change largely resulted from higher payroll costs in response to clear signs of wage pressure on the market while maintaining persistent cost discipline in operating areas unrelated to wages – both current and project-related operations.

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